HPI Multifamily president Tim Shaughnessy with the land at at the southeast corner of Bonds Ranch Road and Blue Mound Road in Dallas Fort Worth (Google Maps, LinkedIn, iStock)
Austin-based commercial real estate agency HPI Real Estate Services & Investments has purchased 55 acres of land to build more than 800 apartments and single-family rental homes on a property in North Fort Worth.
HPI plans to build about 636 apartments and 193 single-family rentals, according to the Dallas Morning News. The property is at the southeast corner of Bonds Ranch Road and Blue Mound Road. Real estate brokerage firm Davidson Bogel Real Estate brokered the sale of the land off Highway 287 on Wednesday.
“We are focused on growing our North Texas portfolio as it is one of the strongest real estate markets in the country,” said Tim Shaughnessy, president of HPI Multifamily, in a statement. “Strong employment and population growth in the Alliance Corridor has created a demand for high-quality rental housing.”
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The single-family rentals will have attached garages and yards, according to Davidson Bogel, and the development will include clubhouses, pools, pickleball courts, and walking trails.
HPI expects to break ground on the project in early 2023 and open up to its first residents in 2024.
Developers in the D-FW area have been quickly building several single-family rental communities, citing demand from renters for the lifestyle of traditional houses without the commitment and costs of buying, according to the DMN. The Dallas-Fort Worth area is currently one of the top U.S. markets for this trend.
“The demand for rental product continues to accelerate with growth in renters by choice and as homebuyers battle rising interest rates paired with historically high home prices,” Davidson Bogel said in a statement.
Just last week, Dallas-based Linesight Development LLC and SVN | SFR Capital Management of New York announced a joint venture to develop and manage a national portfolio of single-family rental communities, including one in Dallas, and another firm, Provident Realty Advisors, is currently developing a similar 242-home project in Garland.
[Dallas Morning News] — James Bell